A circular economy could save the world's economy post-COVID-19

Date:
October 12, 2020
Source:
University of Warwick
Summary:
The world's economy is feeling the effects of the COVID-19 pandemic
with many industries under threat. Researchers have concluded
that adopting circular economy strategies would be the best way
for the world's economy to recover, whilst enabling the transition
to a low-carbon economy.



FULL STORY ==========================================================================
The Covid-19 pandemic has challenged all facets of human endeavours,
and seven months later the economic effects are particularly being felt

==========================================================================
How the world can leverage the positive and negative effects of COVID-19
to build a new, more resilient and low-carbon economy has been analysed by
a group of academics led by WMG, University of Warwick A more sustainable
model based on circular economy framework could help the world recover financially from COVID-19, whilst facilitating the attainment of net zero carbon goals The World's economy is feeling the effects of the COVID-19 pandemic with many industries under threat. A group of researchers from
the UK, Malaysia, Nigeria, UAE and Japan, led by WMG, University of
Warwick have concluded that adopting circular economy strategies would
be the best way for the world's economy to recover, whilst enabling the transition to a low-carbon economy.Dr Taofeeq Ibn- Mohammed The World
Health Organisation declared the COVID-19 pandemic on the 11th March 2020, which saw global supply chains severely disrupted and strained, and the financial market unsettled, resulting in a cross-border economic disaster.

Lockdowns and border closures shattered the core sustaining pillars of
modern world economies, with the economic shock due to these measures
still being weighed across the globe.

In the paper, 'A critical analysis of the impacts of COVID-19 on the
global economy and ecosystems and opportunities for circular economy strategies', published in the journal Resources, Conservation & Recycling
sees a group of researchers led by WMG, at the University of Warwick, critically analysed the negative and positive impacts of the pandemic. To
make the world resilient post-COVID-19, the adoption of circular economy framework is recommended for all sectors.

The pandemic had many effects on everyone's lives, from not leaving
the house, being infected and possibly hospitalised, and even losing
a loved one. It has had a strain on those who were furloughed or even
lost their jobs, and the mental health of the populace. Economically,
the effects can be felt everywhere due to the colossal financial loss
across both the macro and micro levels of the economy, including the
global supply chains and international trade, tourism and aviation
and many other sectors, hampering the attainment of the United Nations Sustainable Development Goals. However, the pandemic has provoked some
natural changes in behaviour and attitudes with positive influences on
human health and the planet including:
* Improvements of air quality, in fact in the UK it's thought
more lives
have been saved by the reduced air pollutants compared to the
number of people who died with COVID-19 in China, for example.

* Reduction in environmental noise and traffic congestions has led
to an
increase in the number of people exercising outside to enjoy
the atmosphere.

* Less tourism induced by the pandemic, resulting in less exploitation
of
the beaches, leading to increased cleanliness.

* Decline in global primary energy use. For instance coal use was
down 8%,
60% less oil, and electricity plummeted by 20% compared to the
first quarter of 2019, leading to record low global CO2 emissions.

* Triggering the need for diversification and circularity of supply
chains,
and evinced the power of public policy for tackling urgent
socio-economic crises.

The researchers have examined the impacts of the pandemic and its
interplay with circular economy, to evaluate how it could be embraced
to rebuild the world's economy.

Dr Taofeeq Ibn-Mohammed, from WMG, University of Warwick comments:
"The pandemic has highlighted the environmental folly of 'extract,
produce, use and dump' economic model of material and energy flows,
however the short term resolutions to cope with pandemic will not be sustainable in the long-run, as they do not reflect improvements in
economic structures of the global economy.

"We therefore propose circular economy adoptions for all industries,
with different strategies for each one. For example, embracing the transformative capabilities of digital technologies for supply chain
resilience by leveraging: big data analytics for streamlining supplier selection processes; cloud computing to facilitate and manage supplier relationships; and Internet of Things for enhancing logistics and
shipping processes.

"The post-COVID-19 investments needed to accelerate towards more
resilient, low carbon and circular economies should also be integrated
into the stimulus packages for economic recovery being promised by
governments, since the shortcomings in the dominant linear economic
model are now recognised and the gaps to be closed are known."

========================================================================== Story Source: Materials provided by University_of_Warwick. Note: Content
may be edited for style and length.


========================================================================== Journal Reference:
1. T. Ibn-Mohammed, K.B. Mustapha, J. Godsell, Z. Adamu,
K.A. Babatunde,
D.D. Akintade, A. Acquaye, H. Fujii, M.M. Ndiaye, F.A. Yamoah,
S.C.L.

Koh. A critical analysis of the impacts of COVID-19 on the global
economy and ecosystems and opportunities for circular economy
strategies.

Resources, Conservation and Recycling, 2021; 164: 105169 DOI:
10.1016/ j.resconrec.2020.105169 ==========================================================================

Link to news story: https://www.sciencedaily.com/releases/2020/10/201012124307.htm

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